Metrics’ is the latest addition to Acquire’s armoury of data rich solutions that are designed to help our clients manage their procurement activity more effectively.
Business metrics is a common term used to refer to many types of company performance indicators and we think that what we have developed will increasingly become critical information to help clients, suppliers and ourselves measure performance. The initial concept was to deliver dashboard reports but once we looked in greater detail at the amount, and depth, of information we have, as well as some of our innovative ideas for the future, the term “dashboard” just didn’t feel like it said enough about what we are delivering.
‘Metrics’ is all about visibility and exploiting the rich veins of data that we hold about the foodservice markets we work in. ‘Metrics’ presents clients with information that makes it even easier for them (and us) to assess how they’re performing against their own targets in regards to cost, CSR, the Green 10 pillars, the food category markets generally and a whole lot more depending on what the client considers to be of interest and of value. ‘Metrics’ will measure anything that the client considers to be important for their business, provided we can capture the information – which generally we can.
We use the “Metrics engine” to deliver a wide range of different solutions to help clients with their procurement. Our Clarity service (which compares food procurement activity against the industry average to determine purchasing performance) and Insight service (which reports on future market trends versus current expenditure allowing clients to make better informed decisions about their buying) are both ground breaking and have received a lot of interest from clients.
‘Metrics’ helps clients identify opportunities to consolidate spend and reduce costs, ensuring units aren’t unduly buying ‘off contract’ items, managing the level of splits which can otherwise drive up delivery costs, measuring CSR performance against our Green 10 pillars, ensuring negotiated prices don’t drift and creep…… it’s endless really, with the major benefit being that the key data isn’t buried amongst reams of paper or massive Excel spreadsheets. It’s all there….at the touch of a button.
In our case ‘Metrics’ is an ideal accompaniment to all the enhanced, leading edge functions of our e-procurement system, epsys and we plan to update it as frequently as the clients and suppliers update epsys. The ultimate goal is for us to deliver real time information using real time data. We currently capture data on a regular basis from all the suppliers that work with us and through what’s an increasingly complex and comprehensive database of the businesses we manage we’re able to extract the appropriate data and deliver it in formats that are easy to both read and use.